Save The Dream 2009
Help Homeowners KEEP Their Homes
Frances Flynn ThorsenExtreme Value StrategistCEOSocialebb Strategies and Solutions
Truth In Housing Mattershost
Frances Flynn Thorsen
producer/directhor
Thor Thorsen
The New American Dream
Home Ownership Sustainability
We make a living by what we get, we make a life by what we give ~ Sir Winston Churchill
Foreclosure Glossary• Foreclosure• Notice of Default (NOD)• Notice of Sale (NTS or NFS)• Foreclosure Sale• REO• Lien• Junior Liens• Deed of Trust
New Age Foreclosure Lexicon• Home Retention• Short Sale• Distressed Property• Loan Modification• Refinance
Blame and Complain
Real Estate CommunityREALTORS and Licensees
Sellers
Distressed Homeowners
Buyers
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• Lenders• Servicers• Attorneys• Government• Nonprofits
Other Players
Alexis McGee
Alexis McGeeForeclosureS.comForeclosureScamWhite Knight InvestorShark BaitEdition 5.1 -
Roger Butcher
Certified Distressed Property Expert
Bernice Ross, Ph.D• Author• Columnist• Speaker.
Joseph Ferrara, attorney• Attorney• Blogger• Consumer Advocate
Piccola Dowling• Realtor• Poet• Mom
• Be wary of calling yourself an expert. Almost overnight, companies have sprung up offering you the chance to become “certified” as a specialist in short sales or REOs. Although some of the programs might provide good training, you can invite trouble if you go overboard and market yourself as an expert,” said Chuck Kasky, director of legal affairs for the Maryland Association of REALTORS®.
Use Web 2.0
• Blogs• Facebook• Twitter• Videos
FHA Secure
• What was that all about?
… and MORE!
• Freddie Mac• Fannie Mae
HUD Certified Counselors
• pre-qualifying buyers• screen for eligibility• provide paperwork• tap emotional and other support• Foreclosure Prevention
www.DontBorrowTroubleAZ.org
HOTLINE - 520-792-3087
Arizona Foreclosure Prevention Task Force
HOTLINE
877-448-121124/7
Foreclosure Fairs
• Pima County• Legal Aid• Freddie Mac• United Way• Urban League• Consumer Credit Counseling Servies
THE CHOICES
• Prepayment• Forbearance• Refi• Restructure
HOPE NOW
• Counselors, investors, lenders
• Assist homeowners with subprime mortgages.
• Freezes adjustable 'teaser' interest rate for five years.
Project Lifeline
• “Seriously delinquent” homeowners
• 90 days late• 30-day suspension• 1.3 million loans
REAL ESTATE LICENSEE?
Risk Management
• Loan Modification• Short Sale• REO
Read the fine print. Some certification companies have an indemnification clause that puts legal costs on your shoulder if they’re included in any lawsuit against you. “Read their disclaimers,” Kasky said.
• Don't engage in unauthorized practice of law. Other increasingly common practices, such as broker price opinions, negotiations with lenders in short sales, and giving advice to homeowners about seeking a loan modification before they try a short sale, are all practices that might be challenged as either unauthorized practice of law or otherwise outside the scope of sales associates’ license. Even accepting a fee for broker price opinions—in states where they’re allowed—might raise trouble for sales associates who accept fees directly rather than through their broker, Kasky said.
Check your E&O coverage. If you help home owners navigate a loan modification, be aware that your E&O policy might not cover your actions if you’re sued, said Michelle Lind, general counsel of the Arizona Association of REALTORS®. Providing such help is considered the business of housing counseling agencies, not brokerages, she said. Similarly, if you handle REOs for a lender, be sure your E&O policy covers property management activity, she said. Many of your tasks in selling REO properties are property management functions: getting utilities turned on, keeping the property secure if it’s vacant, even evicting people.
www.DontBorrowTroubleAZ.org
HOTLINE - 520-792-3087